You’d think Big Pharma, desperate to get into the biotech business, would have rushed to bid on an established company that not only has biotech know-how but also successful products already on the market. So why didn’t Biogen get any offers? Big Pharma didn’t have the guts, Biogen CEO Jim Mullen told the Boston Globe.

The companies’ more conservative research cultures mean “they never would have pursued some of the drugs we pursued or Genzyme pursued,” he told the paper. (Like Biogen, Genzyme is a mid-sized biotech based in Mass.)

And the companies may have lingering concerns about Tysabri, the multiple sclerosis drug that was pulled from the market because of safety concerns and has been cautiously re-introduced. “I think there is a fair bit of fear, loathing, and tort out there,” Mullen said at the JPMorgan investor conference in San Francisco this week, according to the Globe.

Mullen brushed aside the suggestion that the sale was doomed to fail because potential buyers were barred from negotiating ahead of time with Genentech and Elan, which co-market Rituxan and Tysabri with Biogen. And he added that the company is just fine on its own.

“Some say we need a business relationship with big pharma – for what?” Mullen said, according to the Globe. “There’s nothing we need help from strategically or in terms of operations from big pharma.”

Comments (5 of 6)

Hopefully something happens soon to Biogen's stock price because the annual meeting is just around the corner, hint to Mr. Mullen, Activism is Alive. Activist investor Carl Icahn joined the "Fast Money" crew to discuss his take on the markets. Icahn still thinks that someone will buy Biogen Idec (BIIB - Cramer's Take - Stockpickr - Rating). He also thinks that American management teams aren't up to the job of running many of the top tier firms.
Healthcare stocks continue to show strength as the stock market plunges. Pete Najarian reminded investors that healthcare stocks aren't bullet proof. However, the one stock in the healthcare sector he does like right now is Biogen Idec.

9:42 am January 16, 2008

Shareholder wrote :

This should help to confirm the aggressive earnings projections for Biogen.
HOMBURG, Germany, Jan. 15 -- Older patients with aggressive B-cell lymphomas had significantly better outcomes when rituximab (Rituxan), the anti-CD20 antibody, was added to CHOP chemotherapy, researchers here found.

5:21 pm January 14, 2008

Biogen Idec Employee wrote :

Spoken from a true leader...“Some say we need a business relationship with big pharma - for what?” Mullen said, according to the Globe. “There’s nothing we need help from strategically or in terms of operations from big pharma.”

4:35 pm January 14, 2008

Shareholder wrote :

Also a success.
Genentech beating Wall Street numbers for Rituxin will also improve Biogen numbers.

3:51 pm January 14, 2008

Shareholder wrote :

Finally a success!
The approval of Tysabri for Crohn's desease was not factored into the aggressive financial projections made at JP Morgan last week. Now maybe the stock will reflect what the company is really worth.